Workato raises $70M in Series C funding to grow its enterprise automation platform
With the explosion in SaaS, enterprises are using thousands of apps across all lines of business leading to the rise of a new function–Business Technology (BT). The Business Technology teams, reporting to either IT or business, work in tandem with business teams to harness the power of these applications, integrate, and automate their workflows. The rise in Business Technology teams and their need to work with business teams and a rapidly growing number of apps, is driving the need for a new type of platform. Enter Workato, a tech startup that offers an enterprise integration automation platform for businesses that competes with the likes of SnapLogic and MuleSoft.
Today, Workato announced it has raised $70 million in Series C funding to further grow its enterprise platform to help businesses automate work across their organization. The round was led by Redpoint Ventures with participation from Norwest Venture Partners, Geodesic Capital, and existing investors Battery Ventures and Storm Ventures. This brings the total investment in Workato to $111 million with support from several of the largest SaaS companies. Back in December 2018, Workato raised $25 million Series B funding round led by Battery Ventures, Storm Ventures, ServiceNow and Workday Ventures.
Founded by CEO Vijay Tella and others, Workato enables both business and IT to integrate their apps and automate even the most mission-critical workflows without compromising security and governance. The company’s founders have a history of leadership in Integration, Cloud, and consumer technology with a range of companies including TIBCO software, Oracle Fusion Middleware, Salesforce and Skype. Workato is used by over 6,000 companies including Intuit, Coupa, Nutanix, Slack, Procore, Grab, Rapid7, and Autodesk.
“Workato relieves the intense pressure businesses face to become dynamic digital companies and enables business technology teams to deliver on those needs,” said Vijay Tella, CEO of Workato. “This funding enables us to further accelerate our vision to help businesses innovate faster with enterprise-wide automations through a single, powerful, secure platform that addresses all the integration and automation needs of an enterprise and that can be used by both business and IT.”
“Enterprise automation is one of the most important and strategic priorities of businesses today,” said Satish Dharmaraj, Partner at Redpoint Ventures. “Workato’s customers are really passionate about Workato–something that you don’t often see in enterprise software. With the shift happening towards SaaS and Hybrid Environments, Workato is in an excellent position to further accelerate its leadership in what is one of the largest markets in software today.”